"With this acquisition, Cornerstone will become part of an integrated health system with more than 3,500 employees and 661 medical staff members. This will enable physicians and associates at Cornerstone and CHI Memorial to collaborate and innovate in order to improve the delivery of efficient and effective inpatient and outpatient care across a broad geographical region," he said.

CHI Memorial's definitive agreement to acquire the hospital has an effective date of Dec. 29. At the same time, CHI Memorial has acquired the former Hutcheson on the Parkway, an ambulatory surgery center in Ringgold, Ga.

Under the deal, Cornerstone Medical Center has been renamed CHI Memorial Hospital – Georgia, and the ambulatory surgery center has been renamed CHI Memorial – Parkway.